SEATTLE – Home sales in Western Washington fell in October compared to a year ago, a statistic that experts say was disappointing, but not unexpected.

But the upside is the price of homes has also dropped significantly.

The Northwest Multiple Listing Service says of the 19 counties it surveys, pending home sales dropped 27 percent in October 2008 compared to October 2007.

In King County, pending sales fell 27 percent. It was down 30 percent in Snohomish County and nearly 15 percent in Pierce County.

The worst hit county for pending sales was Okanogan County, down more than 62 percent.

In that same 19 county region, the median price of closed home sales fell 7.44 percent over that same period. The median price in October 2008 was $291,000 compared to $314,000 in October 2007.

The price drop was even more dramatic in the Puget Sound region

King County: $358,500 – down $29,000

Snohomish County: $317,000 – down $35,874

Pierce County: $241,000 – down $25,156

Kitsap County: $250,000 – down $35,000

The NWMLS says there is a bright side to all of this for potential buyers.

“The truth of the matter is the market conditions are ideal for first time buyers, move up buyers, and investors,” said John L. Scott Real Estate CEO J. Lennox Scott. He adds that interest rates are at historic lows for some loans.